Luckin Coffee Announces the Receipt of Penalty Decisions from the Chinese State Administration for Market Regulation

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BEIJING, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (the “Company” or “Luckin Coffee”) (OTC:LKNCY) today announced the receipt of penalty decisions (the “Penalty Decisions”) from the Chinese State Administration for Market Regulation and certain of its sub-bureaus (collectively the “SAMR”). The SAMR imposed an aggregate fine of RMB61.0 million on two Luckin Coffee entities and certain implicated third-party companies (“Implicated Companies”) due to their involvement in the fabricated transactions, which the Company disclosed in its press release on April 2, 2020 (the “Fabricated Transactions”). Pursuant to the Penalty Decisions, the conduct related to the Fabricated Transactions violated the...